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This paper presents a unified framework for characterizing symmetric equilibrium in simultaneous move, two-player, rank-order contests with complete information, in which each player's strategy generates direct or indirect affine "spillover" effects that depend on the rank-order of her decision...
Persistent link: https://www.econbiz.de/10004964456
. This paper argues that these inefficiencies can be avoided by asking bidders prior to the auction to submit any public … before the auction itself takes place. …
Persistent link: https://www.econbiz.de/10008513243
-bidders' auction is similar to the Hawk-Dove game, which motivates to study symmetric NEs: Properties and comparative statics are …
Persistent link: https://www.econbiz.de/10005136936
We study fairness and reciprocity in a Hawk-Dove game. This alllows us to test various models in one framework. We observe a large extent of selfish and rational behavior. Our results are inconsistent with leading models in this field.
Persistent link: https://www.econbiz.de/10005137274
A simultaneous pooled auction with multiple bids and preference lists is a way to auction multiple objects, in which … case they have the highest bid on more than one object. This type of auction has been used in the Netherlands and in … Ireland to auction available spectrum. We show that this type of auction does not satisfy elementary desirable properties such …
Persistent link: https://www.econbiz.de/10005137312
, which raises efficiency and seller's revenues. Efficiency and revenues are also higher when more bidders enter the auction. …
Persistent link: https://www.econbiz.de/10005450754
The Babylonian bridal auction, described by Herodotus, is regarded as one of the earliest uses of an auction in history …. Yet, to our knowledge, the literature lacks a formal equilibrium analysis of this auction. We provide such an analysis for …
Persistent link: https://www.econbiz.de/10008838636
This paper characterizes the optimal first-price auction (FPA) and second-price auction (SPA) for selling rights …
Persistent link: https://www.econbiz.de/10005136943
approached about 4500 households, each participating in either an all-pay auction, a lottery, a non-anonymous voluntary … contribution mechanism (VCM), or an anonymous VCM. In contrast to the VCMs, households competed for a prize in the all-pay auction … and the lottery. Although the all-pay auction is the superior fundraising mechanism both in theory and in the laboratory …
Persistent link: https://www.econbiz.de/10009003388
This paper studies markets plagued with asymmetric information on the quality of traded goods. In Akerlof's setting, sellers are better informed than buyers. In contrast, we examine cases where buyers are better informed than sellers. This creates an inverse adverse selection problem: The market...
Persistent link: https://www.econbiz.de/10008838639